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The collection of advance tax has seen a massive decline resulting in more than 30% reduction in the Gross Tax Collections. The dip shows that the businesses have been impacted very harshly by the coronavirus lockdown. All the companies and other “big” assesses are required to pay an advance tax On June 15th, 2020, the […]
CBIC on Monday, June 15, 2020, launched ‘e-Office’ in more than five hundred GST and customs offices. e-Office is an application that is introduced with an aim to improve governance, which can be achieved by automating the internal procedure of handling files. The Application will impose changes in the internal office procedures which are till […]
The Central Board of Indirect Taxes and Customs (CBIC) has declared that the Customs Department is going to commence a PAN-India faceless assessment by 31 Dec. The department has already tested the plan in five cities of the country. The initiative is supposed to curb corruption and bring transparency to the tax collection process. Last […]
As per the recently released Government reports and statements a 13% drop has been reported in Gross Direct Tax These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc collection in this year up to May […]
The Bombay High Court on 22nd May 2020 allowed the National Anti-profiteering Authority (NAA) Get to know about complete guide of the anti-profiteering rules under GST in India. Also, we have attached Indian government provisional orders to visit the office premises of the petitioner to collect records and information during the COVID-19 Lockdown. In this […]
As per the notification released on Thursday, the Ministry of Corporate Affairs (MCA) further extended the expiration of names reserved for company incorporation by 20 days beyond May 31 for those reserved names are expiring on any date between May 15 to May 31, 2020. Additionally, the notification also stated that the INC-24 can be […]
The Appellate Authority of Advance Ruling (AAAR) in order number KAR/AAAR-17/2019-20 stated that the Applicant can avail input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India. Read More of Good and Service Tax (GST) on the […]
During the lockdown, some issues related to Special Economic Zones (SEZs), Export Oriented Units (EOUs), and some general policy have been put forward by stockholders and now on May 15, 2020, the Director-General of Export Promotion (DGEP) clarified all of them in a circular released by the Ministry of Commerce. The circular clarified several issues […]
The Financial Year 2019-20 has not ended well, the last dates of some tax compliance Check out the compliance calendar of Income-tax and GST for Feb to May 2020 with brief details. Also, we attached the latest notification of Income-tax and GST. Read more have been extended till 30th June but not the Financial year. […]
